Chapter 10.I, Problem 44RE

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

Central Auto Parts borrowed $350,000 at

a. If the bank uses the ordinary interest method, what is the amount of interest on the loan?

b. What is the maturity date?

**(a)**

To determine

**To calculate:** The amount of interest on the loan by ordinary interest method, if Central Auto Parts borrowed $350000 at the interest rate of 9% for 120 days on July 19.

Explanation

**Given Information:**

Central Auto Parts borrowed $350000 at the interest rate of 9% for 120 days on July 19.

**Formula used:**

The simple interest formula is,

Or,

Where,

To change the time in the year from the day, following formula used:

**Calculation:**

Consider the provided information,

Central Auto Parts borrowed $350000 at the interest rate of 9% for 120 days on July 19

**(b)**

To determine

**To calculate:** The maturity date of the loan, if Central Auto Parts borrowed $350000 at the interest rate of 9% for 120 days on July 19.

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